Credit Evaluation and Repair


What to expect in rebuilding and repairing your credit


While you're repaying off your debt to the creditors you owe, there are certain things that will arise that you should expect.

The following information should be used as a guide when you're rebuilding your credit and trying to re-establish yourself with future lenders.


Obtain your Credit Report


You should have already obtained your credit report, if not visit (here) to obtain your FREE report. By federal law it is required to offer 1 free credit report per year per customer.

While you now have your credit report it is important to know how to read it. If you would like more information on how to read and understand your report visit our page (here).

What you want to look for is if there are any surprises or negative marks on your report that you're not aware of. Go through and make sure that all the credit that you've obtained is listed and also make sure that it is in the correct standing or status. If you have obtained a credit card from Bank of America and it is up to date and you have never been late on it, it should indicate that. If not, you must dispute it. However, it is highly unlikely that your credit report will reflect anything false, but be aware it does happen.


Review and Categorize


Following your review, start to list the credit in order of what is most detrimental. For example; bankruptcy is regarded as most detrimental to anyone's report. For a complete list of what is listed in order of importance, check the following:

- Bankruptcy
- Collections
- Foreclosure
- Past due payments
- Repossession
- late payments
- Loan Default
- credit rejections
- Judgment
- credit inquiries

When you have successfully listed your credit in that order start to see where you can make the most improvements. Remember that if you have a bankruptcy the statute of limitations (SoL) states that it will remain on your credit report for up to 10 years; and for further information on the SoL see our page (here).


Evaluate and Repair


Evaluating your standing: now that you see where you stand its time to start improving your credit standing by repaying on the debts that you are obligated to pay. Those unsecured debts that are still within the SoL and those that aren't shouldn't be listed on your credit report. For information on how to remove items see our page (here).

For everything else, this is where you would use our 7-step road to financial freedom to get yourself back in good standing.
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